JIFIX International Value Fund

Defensive-minded specialists aiming to identify undervalued international opportunities

NAV
$8.48
As of 05/27/2020

1-Day Change
$0.09 (1.07%)
As of 05/27/2020

YTD Return
-17.91%
As of 05/27/2020

Morningstar Rating

As of 04/30/2020

Overview

ABOUT THIS FUND

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS FUND

Attractive Reward/Risk
Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process
The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark
The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Knowledge. Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions.

We call this ethos Knowledge. Shared.

PORTFOLIO MANAGEMENT

Gregory Kolb, CFA

Chief Investment Officer | Portfolio Manager

Industry since 1998. Joined Firm in 2010.

George Maglares

Portfolio Manager | Research Analyst

Industry since 2004. Joined Firm in 2013.

Performance

RETURNS (%) (As of 03/31/2020)
International Value Fund - Class I Shares MSCI EAFE® Index MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR Since Inception
(04/01/2013)
International Value Fund - Class I Shares -24.69 -24.69 -18.23 -4.42 -2.05 0.62
MSCI EAFE® Index -22.83 -22.83 -14.38 -1.82 -0.62 1.82
MSCI All Country World ex-U.S. Index℠ -23.36 -23.36 -15.57 -1.96 -0.64 1.12
RETURNS (%) (As of 04/30/2020)
International Value Fund - Class I Shares MSCI EAFE® Index MSCI All Country World ex-U.S. Index℠
 
3M YTD 1YR 3YR 5YR Since Inception
(04/01/2013)
International Value Fund - Class I Shares -16.93 -19.26 -14.17 -2.80 -1.48 1.60
MSCI EAFE® Index -16.09 -17.84 -11.34 -0.58 -0.17 2.70
MSCI All Country World ex-U.S. Index℠ -15.27 -17.55 -11.51 -0.25 -0.17 2.15
CALENDAR YEAR RETURNS (%)
International Value Fund - Class I Shares MSCI EAFE® Index
 
  2014 2015 2016 2017 2018 2019
International Value Fund - Class I Shares -3.36 -0.79 0.62 22.85 -13.40 17.37
MSCI EAFE® Index -4.90 -0.81 1.00 25.03 -13.79 22.01

MORNINGSTAR PERCENTILE

(As Of 03/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 28 26 21 - 22
Foreign Large Value Category|Rank/Count 92/338 66/319 47/291 -/- 55/273
(As Of 04/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 23 27 15 - 21
Foreign Large Value Category|Rank/Count 61/339 64/320 40/292 -/- 57/274
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 04/30/2020 Class I Shares)

RISK / REWARD
VS. MSCI EAFE® Index
3YR 5YR
Information Ratio -0.73 -0.33
Alpha -2.22 -1.38
Tracking Error 3.05 3.96
Beta 0.97 0.88
R-squared (%) 95.90 92.59
UP/DOWN MARKET CAPTURE (%)
VS. MSCI EAFE® Index
3YR 5YR
Up Capture Ratio 86.91 80.88
Down Capture Ratio 99.62 90.20
STANDARD DEVIATION 3YR 5YR
International Value Fund 14.92 13.02
MSCI EAFE® Index 14.99 14.28
SHARPE RATIO 3YR 5YR
International Value Fund -0.31 -0.20
MSCI EAFE® Index -0.16 -0.09
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2019)
CLASS I SHARES
Management Fees 0.80%
12b-1 Fees -
Other Expenses 0.68%
Total Gross Expenses 1.48%
Waivers -0.51%
Total Net Expenses 0.97%

Portfolio

Index represents the MSCI EAFE® Index.

Top Holdings (As of 04/30/2020)
% of Fund
Roche Holding AG 5.26
Sanofi 5.23
Novartis AG 4.27
Danone SA 3.99
Unilever NV 3.88
BAE Systems PLC 3.72
GlaxoSmithKline PLC 3.22
Singapore Telecommunications Ltd 3.12
Honda Motor Co Ltd 3.00
Nestle SA 2.77
Total 38.46
View full holdings
Portfolio Characteristics (As of 04/30/2020)
  FUND INDEX
Number of Holdings
Equity Issues
67 915
Market Capitalization
Weighted Average
$64.56B $60.34B
Portfolio Turnover Rate
(1-year trailing)
13.53% -
Price/Earnings Ratio
(1-year forward)
15.13 20.73
Price/Book Ratio
(1-year forward)
2.18 3.09
Earnings Growth Rate
(1-year forward)
-10.08% -11.59%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Health Care 21.00 14.65
Consumer Staples 17.37 12.43
Industrials 16.85 14.25
Consumer Discretionary 11.43 11.33
Communication Services 6.99 5.46
Materials 6.33 6.85
Information Technology 4.50 7.76
Real Estate 4.01 3.33
Financials 3.88 16.19
Energy 2.05 3.70
Utilities 0.76 4.05
Cash & Equivalents 4.83 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Europe 59.79 61.20
Japan 16.18 26.00
Asia/Pacific Ex Japan 14.82 12.00
North America 3.92 0.18
Latin America 0.46 -
Cash & Equivalents 4.83 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 04/30/2020)
Over $100B 21.37 17.83
$50B to $100B 6.30 17.19
$10B to $50B 34.86 46.64
$5B to $10B 4.64 12.92
$1B to $5B 18.32 4.78
$500M to $1B 4.21
$250M to $500M 3.37
$100M to $250M 1.53
Under $100M 0.57
Developed VS Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of 04/30/2020)
Non-U.S. Developed 86.31 99.51
Non-U.S. Emerging 7.33 0.31
U.S. 1.53 0.18
Cash & Equivalents 4.83 -

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